Mortgage Rates Continued to Climb in Week Ending April 21, 2022, Marking the 7th Consecutive Weekly Increase

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 21, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.11% with an average 0.8 point, up from last week when it averaged 5.00%. A year ago, at this time, the 30-year FRM averaged 2.97%.

The 15-year fixed-rate mortgage averaged 4.38% with an average 0.8 point, up from last week when it averaged 4.17%. A year ago, at this time, the 15-year FRM averaged 2.29%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75% with an average 0.3 point, up from last week when it averaged 3.69%. A year ago, at this time, the 5-year ARM averaged 2.83%.

In a statement prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater, said, “Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise. While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.”